For investors seeking momentum, SPDR EURO STOXX 50 ETF (FEZ Quick QuoteFEZ - Free Report) is probably on radar now. The fund just hit a 52-week high and is up about 27.6% from its 52-week low price of $28.60/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

FEZ in Focus

This product offers exposure to stocks from the EURO STOXX 50 Index. Financials, Industrials, Utilities, Consumer Discretionary, Consumer Staples and Health Care have a double-digit exposure each. The fund charges 29 bps in fees (see: all European Equity ETFs here).

Why the Move?

European stocks are in a great shape this year as the economy is gaining strength and earnings have rebounded. Moreover, easing concerns over the possibility of the Netherlands and France exiting the Euro zone, have also raised optimism over the region.

More Gains Ahead?

The fund has a Zacks Rank #3 (Hold) with a Medium risk outlook. However, the fund has a positive weighted alpha of 13.10. A positive weighted alpha hints at more gains. As a result, there is definitely still some promise for investors who want to ride on this surging ETF.

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